Somali pirates may have reached their limit, at least for now. Security agencies have suggested that Somali pirates are willing to negotiate lower ransoms to release ships they have seized -- because they are running out of room.

Ransoms demanded by pirates have skyrocketed since hijackings off Somalia became an international crisis in 2008. A recent study by the One Earth Future foundation claims the average paid ransom rose to $5.4 million in 2010, from $3.4 million in 2009. Seafarers aboard the cargo vessels were also held hostage up to three times longer while pirates and shipping companies negotiated -- from an average of 55 days in 2009 to 150 days in 2010.

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Currently, Somali pirates are holding at least 33 ships, with more than 700 crew members captive.